Plaid’s Revenue, Usage Rates Jump as CEO Sees ‘Fintech Spring’

Revenue at Plaid Inc., which provides the pipes fintechs and banks use to talk to each other, jumped more than 25% last year, according to a person familiar with the matter, as at least half of all US consumers encountered its technology in some way.

The growth came despite what was a lean time for most fintechs, particularly those that serve consumers. As interest rates increased after the Covid-19 pandemic, fintech funding dried up and borrowing suddenly became drastically more expensive. While many newcomers got squeezed, Plaid expanded.